One Big Beautiful Bill Act (OBBA)
It contains a provision providing a tax deduction for employees’ overtime income in 2025 through 2028. Originally, the data regarding such overtime income was to be reported on a W-2 form. However, as employers are preparing their 2025 W-2 forms (to be issued in...
Business mileage tax deduction rate goes up in 2026
The Internal Revenue Service’s annual inflation adjustments are among the changes we’ll encounter in 2026. And today, the agency finally announced next year’s standard optional mileage rate amounts you can use next year to claim various deductible vehicular trips. The...
State Income Tax Changes
Nine states have individual income tax rate reductions taking effect: Georgia, Indiana, Kentucky, Mississippi, Montana, Nebraska, North Carolina, Oklahoma, and Ohio are all scheduled to see individual income tax rate reductions. Ohio will transition to a...
Social Security will be taxed in 2026
Social Security benefits are still subject to federal income tax in 2026 based on your combined income, with up to 85% potentially taxable, but new senior tax deductions might reduce the tax burden for many retirees, and some states also tax benefits. While some...Lorem Ipsum is simply dummy text of the printing and typesetting industry. dummy text of the printing Ltting industry.
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